In this discussion, you guys are overlooking one pertinent thing (from RG's letter):

"Finally the company believes that it may, if needed, borrow against these securities and we’re investigating these programs further in the event we need to access cash in this manner before redemption can be accomplished."

So no M&A acquisitrion opportunity will be lost over this.

BTW, I suggested exactly what RG suggests above - and I got shot down. Golly, and I was right about something!

SGE